Photo: CFP

China's GDP grew by 4.8 percent, reaching 94.97 trillion yuan ($13.33 trillion), in the first three quarters of 2024, according to data released by the National Bureau of Statistics (NBS) on Friday.

This growth indicates that the world's second-largest economy continues to show positive and resilient growth momentum amid various internal and external challenges.

In the third quarter, GDP grew by 4.6 percent year-on-year, slightly down from the 4.7 percent growth recorded in the second quarter, but 0.1 percentage point higher than some foreign media's projection.

Analysts anticipate that the strong policy measures introduced by the government so far this year, along with expectations for additional stimulus initiatives, will provide additional momentum for the country's economic development.

The 4.8 percent GDP growth in the first nine months shows that economic growth is stable and that economic activities in the third quarter have been keeping pace, analysts said.

By industry, the value added of the primary industry reached 5.77 trillion yuan, up 3.4 percent year on year; the secondary industry totaled 36.14 trillion yuan, up 5.4 percent; and the tertiary industry amounted to 53.07 trillion yuan, up 4.7 percent. 

The total retail sales of consumer goods in the first three quarters were up 3.3 percent, reaching 35.35 trillion yuan, and fixed-asset investment edged up by 3.4 percent, reaching 37.89 trillion yuan, the NBS data showed.

The added value of industrial enterprises above designated size increased by 5.8 percent year-on-year.

In the first three quarters, the consumer price index rose by 0.3 percent year-on-year, 0.2 percentage points higher than that of the first half of the year, indicating a steady pick-up in consumption.

Chinese authorities have already put in place a bunch of measures to stimulate market demand, including the issuance of 1 trillion-yuan worth of ultra-long-term special treasury bonds and a program for large-scale equipment renewal and trade-ins of consumer goods. In the next stage, more supportive policies can be expected, experts said.

Foreign trade, a pillar of economic growth, remains strong. According to the latest figures released by China's General Administration of Customs on Monday, China's total trade reached 32.33 trillion yuan ($4.57 trillion) in the first three quarters of 2024, setting a record high with an increase of 5.3 percent year-on-year. It also shows that foreign trade has maintained steady growth and the trade structure is being optimized.

Meanwhile, the country's housing market, another key pillar of economic development, is showing positive signs of recovery.

The national economy was generally stable with steady progress in the first three quarters, and the effects of policies continued to manifest with major indicators showing positive changes recently, Sheng Laiyun, deputy head of the NBS, told a press conference held by the State Council Information Office, on Friday.

"However, we should be aware that the external environment is increasingly complicated and severe, and the foundation for sound economic recovery and growth still needs to be strengthened," Sheng noted.